This means that an additional £17 billion a year is projected to be saved into workplace pensions by 2019/20.

Minister for Pensions, Richard Harrington has welcomed the news, calling it a fantastic achievement for both employees and employers:

I want to congratulate everyone who has already made automatic enrolment such a success. It is clear we are helping to create a culture of saving, giving people a much-needed boost to their pensions, and the important work on roll-out continues.

My mission is to ensure everyone has the opportunity to benefit from a workplace pension. For some people, this may be the first time they have saved in this way, and we must help them build a big enough savings pot so they can enjoy a comfortable retirement.

Last year’s publication estimated that the annual saving in a workplace pension was to increase by £15 billion as a result of automatic enrolment, based on 9 million workers newly saving or saving more.

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